UAE – Mubasher: The total value of credit facilities provided by banks operating in the UAE to the residents increased by 3.5% year-on-year (YoY) in January 2020, hitting a new record.

The loans reached AED 171.1 billion ($46.6 billion) in January this year, up from AED 165.3 billion ($44.99 billion) in the same month of 2019, according to the monthly statistics of the Central Bank of the UAE (CBUAE).

As for the UAE’s non-residents, the credit facilities grew by 16.5% month-on-month (MoM) in January, compared to AED 146.8 billion ($39.96 billion) in December 2019.

Meanwhile, the loans granted to the government sector rose by 18% to AED 229.3 billion in January, when compared to the same period of 2019.

As for the private sector, the UAE banks’ loans reached AED .137 trillion by the end of January 2020.